ZAINAB JUNAID
The Nigeria Customs Service (NCS) has continued to demonstrate its leadership role in safeguarding Nigeria’s economy and national security through capacity-building and inter-agency collaboration, as it engaged Stakeholders on emerging threats in cross border trade on Tuesday, 30 September 2025.
Focusing on Trade-Based Money Laundering (TBML), Trade-Based Terrorism Financing (TBTF), and Trade-Based Proliferation Financing (TBPF), the Sensitisation programme was themed “Emerging Threats or Trends of Trade-Based Money Laundering, Trade-Based Terrorism Financing, and Trade-Based Proliferation Financing.
Participants at the Sensitisation programme in Abuja
The lead lecturer, Assistant Comptroller Safiyanu Salihu delivered an in-depth presentation on the concepts, vulnerabilities, and red flags associated with trade-based financial crimes, citing both national and international experiences.
AC Salihu emphasised the growing sophistication of trade-based crimes and their Potentials to erode economic stability and compromise national security.
“Trade-based money laundering and terrorism financing are not abstract threats; they directly undermine our economy and national security. That is why awareness, vigilance, and collaboration among stakeholders are crucial,” he said.
He highlighted the pivotal role of financial institutions in combating illicit trade practices noting, “Banks and financial institutions are the first line of defence. By diligently reviewing transaction documents, they can identify red flags early and prevent illicit flows from going undetected”.
Similarly, Assistant Comptroller Bridget Baiye of the NCS provided practical guidance on identifying fake invoices and falsified trade documents, as well as standard tools used in trade-based financial crimes.
“Fake invoices often contain subtle discrepancies that differ from the originals. Paying attention to these small details can make all the difference in detecting fraudulent trade transactions,” she stated.
Representing Sterling Bank, Orlando Umoren, Group Head of Regulatory and Financial Crimes Compliance, expressed appreciation to the Nigeria Customs Service for its technical expertise and collaboration.
“This training reinforces the fact that combating financial crimes is not the responsibility of one agency alone. It requires collaboration, knowledge sharing, and continuous capacity building. At Sterling, we remain committed to implementing robust internal controls and fostering partnerships with institutions like the Nigeria Customs Service to strengthen our collective fight against illicit financial activities,” he said.
In his closing remarks, Umoren urged participants to apply the knowledge they had acquired. “We must move beyond awareness to application, ensuring that the lessons learned here today translate into stronger compliance practices tomorrow,’ he concluded.
The session ended with an engaging interactive segment, which involves questions and discussions among participants with practical approaches to enhancing trade transparency and preventing trade-based financial crimes.
